The 2024–2025 crypto bull market is marked by the success of Bitcoin ETFs, institutional adoption, and a wave of IPOs. Bullish, a digital asset exchange operator, has joined this trend, raising its IPO price to $37 per share due to strong demand, with BlackRock and ARK Investment Management showing interest. Bullish sold 30 million shares, resulting in a market cap of $5.4 billion, now trading under the BLSH ticker on the NYSE. Meanwhile, Pantera Capital has invested over $300 million in crypto treasury companies, capitalizing on increased ETF adoption to grow asset values. BitMine Immersion Technology aims to raise $24.5 billion for Ether purchases, currently holding around 1.2 million ETH valued at $5.3 billion. The US banking lobby continues its efforts against yield-bearing stablecoins, citing concerns over the GENIUS Act, which they argue could allow issuers to offer interest on stablecoins indirectly through affiliates. Critics suggest that banks fear competition from stablecoins and potential erosion of their business models.

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